our regional residential real estate projects and terminating certain retirement living and student accommodation projects as I mentioned.

our regional residential real estate projects and terminating certain retirement living and student accommodation projects as i mentioned


And really, the Scholl's piece of it was due to -- and we'll continue in the first quarter with a little bit softness and some change at Walmart.

and really the scholz piece of it was due to -- and we'll continue in the first quarter with a little bit of softness and some change at walmart


We also increased our reported revenue growth guidance by 200 basis points to reflect a more favorable benefit from foreign exchange.

we also increased our reported revenue growth guidance by 200 basis points to reflect a more favorable benefit from foreign exchange


it would be bringing the money forward and not spending it later. It's the CapEx for GDP growth rates

it would be bringing the money forward and not spending it later it's the capex for gdp growth rates


This past quarter, however, we did see some softness coming primarily in the automotive sector in the Midwest.

this past quarter however we did see some softness coming primarily in the automotive sector in the midwest


The third quarter is the seasonally weakest quarter for the CIS business, and we expect both revenues and margins to be higher in the fourth quarter.

the third quarter is the seasonally weakest quarter for the cis business and we expect both revenues and margins to be higher in the fourth quarter


on an alternative solution for that property in the event that Bunnings does move on at some stage.

on an alternative solution for that property in the event that bunnings does move on at some stage


and the monthly impact on costs because of the change in the calculation of tariff


They worked exceptionally hard to learn and use a totally new system. It has been very hard work,

they worked exceptionally hard to learn and use a totally new system it has been very hard work


We intend to explore opportunities to sell this property in 2019, subject to leasing progress and market conditions.

we intend to explore opportunities to sell this property in 2019 subject to leasing progress and market conditions


We really believe that this helps to differentiate us from our competition and highlights our value proposition for the wireless industry.

we really believe that this helps to differentiate us from our competition and highlights our value proposition for the wireless industry


the spot prices at lower levels. So could you talk about the market? And the second question

the spot prices at lower levels so could you talk about the market and the second question


your confidence and acceleration in sales, I guess for the balance of the year

your confidence in acceleration in sales i guess for the balance of the year


move our durations and continue to get a nice ladder of future maturities that will help us on our liquidity as well as


As David will discuss in more detail during his comments, we have reduced our overall portfolio

as david will discuss in more detail during his comments we have reduced our overall portfolio


going forward in 2016, what we may be doing with the Observatory and as part of our annual budgeting and planning, and

going forward in 2016 what we may be doing with the observatory and as part of our annual budgeting and planning and


This week, we filed the necessary papers in the Texas and New York courts to dismiss all pending cases between the parties.

this week we filed the necessary papers in the texas and new york courts to dismiss all pending cases between the parties


The results of the Sporting business are reported as discontinued operations in our GAAP results.

the results of the sporting business are reported as discontinued operations in our gaap results


And the change to the incentive outlook, is that all timing? Or do you anticipate paying a little bit less than what you previously forecast?

and the change to the incentive outlook is that all timing or do you anticipate paying a little bit less than what you previously forecast


The end result is that purchase price allocation provides a more properly classified and valued balance sheet.

the end result is that purchase price allocation provides a more properly classified and valued balance sheet


The decrease in revenues was partially offset by an increase in revenues at the limerock mining operations because of an increase in customer requirements

the decrease in revenues was partially offset by an increase in revenues at the limark mining operations because of an increase in customer requirements


Thank you, Steve, and good morning, everyone. I'll briefly cover a few details and then we will turn it over for questions.

thank you steve and good morning everyone i'll briefly cover a few details and then we will turn it over for questions


is a very significant opportunity for us. And Mike can talk about the different trials that are in that particular area

is a very significant opportunity for us and mike can talk about the different trials that are in that particular area


our view is collectively that the pricing would be more likely disclosed more closer towards launch or at launch.


they're more like 55-45, and I think that's probably a decent balance for us. We want to make sure that our portfolio companies

you're more like 55-45 and i think that's probably a decent balance for us we want to make sure that our portfolio companies


If you have not already done so, we encourage you to download the quarterly report on Form 10-Q and the slides to use on this call.

if you have not already done so we encourage you to download the quarterly report on form 10-q and the slides to use on this call


Our total December and new year bookings are comfortably ahead of last year, but in truth, it's becoming far easier for people to book. So we're not getting complacent.

our total december and new year bookings are comfortably ahead of last year but in truth it's becoming far easier for people to book so we're not getting complacent


Since our last call, we have been getting ready to roll out our franchise marketing program. Our franchise has received legal approval in all 50 states.

since our last call we have been getting ready to roll out our franchise marketing program our franchise has received legal approval in all 50 states


the grids and the markets. However, coal will remain the major component, and we see ourselves as being a major part

the grids and the markets however coal will remain the major component and we see ourselves as being a major part


how does that impact your mix of product versus services cost of goods sold?


but in the balance, I am extremely pleased with our progress and very, very excited about our future.

but in the balance i am extremely pleased with our progress and very very excited about our future


Kevin, the reason why we did it is we have a lot of business in Florida. The majority of our business is where

the reason why we did it is we have a lot of business in florida the majority of our business is where


At Argo, nearly 2 decades ago, we identified technology as a transformative and potentially disruptive force

at argo nearly 2 decades ago we identified technology as a transformative and potentially disruptive force


We're pleased with the early traction in PKS deals during the first year of availability and continue to be encouraged by the growing pipeline.

we're pleased with the early traction in pks deals during the first year of availability and continue to be encouraged by the growing pipeline


as an element of the integrated solutions, where we have seen an increasing order intake and its,

as an element of the integrated solutions where we have seen an increasing order intake and it's


portfolio outside of the Victorian assets in that gas pricing. So that's what caused the gas pricing drop off

the portfolio outside of the victorian assets in that gas pricing so that's what's caused the gas pricing drop-off


especially when we believe that these areas where we cannot accelerate as fast as we can go organically.

especially when we believe that these are areas where we cannot accelerate as fast as we can go organically


Therefore, you should expect us to continue being selective and disciplined as we balance expected returns, underwritten growth, and our cost of capital.

therefore you should expect us to continue being selective and disciplined as we balance expected returns underwritten growth and our cost of capital


well, fundamentally, the economy is not crippled, but it is slowing down in almost every area.

while fundamentally the economy is not crippled but it is slowing down in almost every area


positions. And we made a commitment that we will run some analysis to

positions and we made a commitment that we will run some analysis to


Should we expect your commercial investments to remain at the pace that we've seen in this quarter? Because that would imply that

should we expect your commercial investments to remain at the pace that we've seen in this quarter because that would imply that


We are using -- investing in several new data sources to conduct market analysis and better understanding our pharmacy patients

we are using investing in several new data sources to conduct market analysis and better understanding our pharmacy patients


we will be eliminating and writing off inventory associated with both the store closings and unproductive inventory throughout the enterprise.


We saw a strong performance in our Tech and Candy world's as well as our Games and Toy categories,

we saw strong performance in our tech and candy worlds as well as our games and toy categories


a lot of these broader architecture changes would probably happen regardless of what happens to the rule. Could you give us an idea of

a lot of these broader architecture changes would probably happen regardless of what happens to the rule could you give us an idea of


We all know that the first quarter is a great time to engage people in losing weight and getting healthier in the new year.

we all know that the first quarter is a great time to engage people in losing weight and getting healthier in the new year


Yes, we still like the look of the data in that regard, and we'll present the information in detail on the 17th. But, yes, that's still a very much in the

yes we still like the look of the data in that regard and we'll present the information in detail on the 17th but yes that's still very much in the


we've always said that we didn't want to be in the underwriting business, we want to be in the distribution business. This is a relatively small business.

we've always said that we didn't want to be in the underwriting business we wanted to be in the distribution business this is a relatively small business


even in the event actual throughput volumes are less than the contractual minimum volume of product during that period.


steadily improving demand, underinvestment by the industry and favorable secular trends will drive step change improvements in our businesses.

steadily improving demand under investment by the industry and favorable secular trends will drive step change improvements in our businesses


Favorable secular trends support increasing growth in our land-oriented businesses within the segment and we expect will continue to do so in the future.

favorable secular trends support increasing growth in our land-oriented businesses within the segment and we expect we'll continue to do so in the future


We simplified our processes and took complexity out of the business while reducing our costs and expense structure.

we simplified our processes and took complexity out of the business while reducing our cost and expense structure


The home infusion companies offer a bundle that includes providing the drug and reimbursement for the drug,

the home infusion companies offer a bundle that includes providing the drug and reimbursement for the drug


and we expect that to continue. The beauty of this market is it's a growth market. So you're having implants put in where they weren't put in before.

and we expect that to continue the beauty of this market is it's a growth market so you're having implants put in where they weren't put in before


They didn't have that -- those kind of numbers in the second quarter, but we do see that as a resumption of the pipeline within Physio.

they didn't have that -- those kind of numbers in the second quarter but we do see that as a resumption of the pipeline within physio


but they're all seeing increases in their material costs. So really, it's not affecting their ability to execute on projects relative to their competition.

but they're all seeing increases in their material costs so really it's not affecting their ability to execute on projects relative to their competition


Of the 40 to 45 company restaurants, we expect all but a handful of locations to open before the fourth quarter of this year.

of the 40 to 45 company restaurants we expect all but a handful of locations to open before the fourth quarter of this year


I'm really not focused in that area. Clearly as public company, if someone is prepared to make Fortis an offer for some part of our business,

i'm really not focused in that area clearly as a public company if someone is prepared to make fortis an offer for some part of our business


All patients evaluated demonstrated fine motor, cognition and language ability within the normal range.

all patients evaluated demonstrated fine motor cognition and language ability within the normal range


to serve the strong growth in new orders from last year. We've been aggressively addressing these issues by placing more experienced management with the newer crews,

to serve the strong growth in new orders from last year we've been aggressively addressing these issues by placing more experienced management with the newer crews


But I do think 1 way you can defend against it is by having the kind of properties that we tend to focus on

but i do think one way you can defend against it is by having the kind of uh properties that we tend to focus on


that however we're going to capitalize to support our JV into China and to look at these other markets,

that however we're going to capitalize to support our jv into china and look at these other markets


Doug will discuss our financial results in greater detail in a few minutes, but first, I'll provide a few comments on each business segment.

doug will discuss our financial results in greater detail in a few minutes but first i'll provide a few comments on each business segment


This would be a fantastic achievement for Amicus and will represent a meaningful impact on how Fabry disease is treated around the world.

this would be a fantastic achievement for amicus and will represent a meaningful impact on how fabry disease is treated around the world


We continue to expand our suite of condition-based maintenance capabilities, and more customers are beginning to recognize the value offered by such services.

we continue to expand our suite of condition-based maintenance capabilities and more customers are beginning to recognize the value offered by such services


providing our customers with new tools to deeply characterize unique cellular subtypes and functional states unavailable on competing systems.


This was partially driven by the conscious decision to exit high risk-weight securities trading -- securitized trading

this was partially driven by the conscious decision to exit high risk weight securities trading -- securitized trading


why the bank communicated last year that it would sell Postbank was to manage the capital position.

why the bank communicated last year that it would sell postbank was to manage the capital position


The decrease in gross profit was primarily due to lower selling prices in our industrial and canned pineapple product lines.

the decrease in gross profit was primarily due to lower selling prices in our industrial and canned pineapple product lines


on the translation of earnings in foreign currencies but, again, had essentially no year-over-year impact on earnings for the quarter.

on the translation of earnings in foreign currencies but again had essentially no year-over-year impact on earnings for the quarter


In quarter 1, the reduced rate is a function of the new corporate tax rate plus the impact of deductions related to the first quarter equity vest.

in quarter 1 the reduced rate is a function of the new corporate tax rate plus the impact of deductions related to the first quarter equity best


hire people and into what format, but we could definitely do a few more this year if things fall the right way for us.

higher people and into what format but we could definitely do a few more this year if things fall the right way for us


We experienced payoffs on multiple projects in the third quarter that essentially offset fundings on new projects.

we experienced payoffs on multiple projects in the third quarter that essentially offset fundings on new projects


To expand our product offering to the larger wellness consumer category, we continued the expansion of our premium Select line during the quarter.

to expand our product offering to the larger wellness consumer category we continued the expansion of our premium select line during the quarter


What I'd like to do today is provide you with an update on the progress of our business and lay out the groundwork for what to expect in the coming months.

what i'd like to do today is provide you with an update on the progress of our business and lay out the groundwork for what to expect in the coming months


So there is nothing in that credit that makes me think that it should be graded adversely, but it is. And

so there is nothing in that credit that makes me think that it should be graded adversely but it is and


and we did not want to be enrolling the pediatric patients in the 6.0 milligram per kilogram cohort. So that has led to some delay in

and we did not want to be enrolling the pediatric patients in the 6 0 milligram per kilogram cohort so that has led to some delay in


somewhere between minus 50 and minus 60. As we sit here today, we're at minus 5 and continuing to trend upwards. So

somewhere between minus 50 and minus 60 as we sit here today we're at minus 5 and continuing to trend upwards so


they're smaller markets at the end of the day, but they do kind of even out some of the bigger markets as they go up and down,

they're smaller markets at the end of the day but they do kind of even out some of the bigger markets as they go up and down


Germany and the Netherlands were solid contributors to Big 4 results this quarter and France delivered solid installations at the end of the quarter.

germany and the netherlands were solid contributors to big four results this quarter and france delivered solid installations at the end of the quarter


and that's down noticeably from where we've been in the first 3 quarters of this year. So all in for '17, we're still expecting the

and that's down noticeably from where we've been in the first 3 quarters of this year so all in for '17 we're still expecting the


I'll turn the floor over. Just -- could you talk a little bit about the manufacturing runs, how you're able to switch

i'll turn the floor over it's just -- could you talk a little bit about the manufacturing runs how you're able to switch


I'm sure, many of you have questions about our business situation with SPI, so I'll take a few minutes to address this topic.

i'm sure many of you have questions about our business situation with spi so i'll take a few minutes to address this topic


that we know are talking about requiring more local content. So that would potentially require some CapEx in some different regions.

that we know are talking about requiring more local content so that would potentially require some capex in some different regions


These statements are subject to numerous factors that could cause actual results to differ materially from those anticipated or projected.

these statements are subject to numerous factors that could cause actual results to differ materially from those anticipated or projected


What it does not include is the revenue and profitability generated from the sale of Good Sam memberships,

what it does not include is the revenue and profitability generated from the sale of goodsam memberships


We experienced -- by the way, this is a very important point. In the history of our company, we have, on several occasions,

we experience by the way this is a very important point in the history of our company we have on several occasions


can you talk a little bit more about what we should expect in terms of retail growth acceleration?


I think another thing to bear in mind that gets lost sometimes in the analysis is that exports out of Europe

i think another thing to bear in mind that gets lost sometimes in the analysis is that exports out of europe


The new deal is a commitment of 4 telecom players on the French market to accelerate

the new deal is a commitment of 4 telecom players on the french market to accelerate


In addition, we are strategically getting our message out around sale and promotion in a way that feels exclusive and brand appropriate.

in addition we are strategically getting our messages out around sale and promotion in a way that feels exclusive and brand appropriate


So if the ARPU goes up, then you may introduce some new billing plans and return those profits to the customers. Isn't that the case?

so if the arpu goes up then you may introduce some new billing plans and return those profits to the customers isn't that the case


people who are buying in advance, people who are buying multiple days, people who are buying packages, people who are buying obviously a full season of skiing. So

people who are buying in advance people who are buying multiple days people who are buying packages people who are buying obviously a full season of skiing so


but secondarily also, a couple of open questions. I think the big question in that is what is the right go-to market and what is the right branding.

but secondarily also a couple of open questions i think a big question in that is what is the right go-to-market and what is the right branding


These statements are subject to risks and uncertainties that could cause our actual results to differ materially from those provided, including,

these statements are subject to risks and uncertainties that could cause our actual results to differ materially from those provided including


Our plan is to continue with our strategy of becoming a pure-play GP and not owning fixed assets upstairs.

our plan is to continue with our strategy of becoming a pure-play gp and not owning fixed assets upstairs


and you should have a good idea, I would believe, of what you look to see in incremental revenue from this. So I was hoping you might be able to bring that up on this call?

and you should have a good idea i would believe of what you look to see in incremental revenue from this so i was hoping you might be able to bring that up on this call


some of the states in which we do business may be evaluating their tax structure in reaction to the change in the federal tax law, and thus, we may experience a change

some of the states in which we do business may be evaluating their tax structure in reaction to the change in the federal tax law and thus we may experience a change


in recognition of the above market growth we are generating. Our management team is driving improved execution,

in recognition of the above market growth we are generating our management team is driving improved execution


we think we're on a trajectory of performance unless we have some unanticipated hiccups here where we're going to continue to sustain or


let me now turn it back over to Brad for his closing remarks. Thank you, Glenn. This has been an exciting time at National MI.

let me now turn it back over to brad for his closing remarks thank you glenn this has been an exciting time at national mi


that will, as I said before, make us more important to our customers. And so it's matching that value that they expect or would like

that will as i've said before make us more important to our customers and so it's matching that value that they expect or would like


But in addition to strong EBIT growth in all 3 of our businesses, and strong earnings growth, as Michael noted, we also had very strong free cash flow, which has been

but in addition to strong ebit growth in all 3 of our businesses and strong earnings growth as michael noted we also had very strong free cash flow which has been


well structured industry right now and, in fact, it's moving in your favor due to what we're seeing out there. I mean, is there anything that would really concern you if

well-structured industry right now and in fact it's moving in your favor due to what we're seeing out there i mean is there anything that would really concern you if


Following our hypothesis that RNAi potency and duration of action may be dependent on the target site,

following our hypothesis that rnai potency and duration of action may be dependent on the target site


we have made a provision that although butadiene is showing some signs of weakening of late, the forecast does assume

we have made a provision that although butadiene is showing some signs of weakening of late the forecast does assume


Our opportunity has never been greater, and I look forward to sharing our progress with you in the future.

our opportunity has never been greater and i look forward to sharing our progress with you in the future


As you say you've got significant costs in Turkey as well as revenues in Turkey, so presumably there was some

as you say you've got significant costs in turkey as well as revenues in turkey so presumably there was some


Brazilian real and Mexican peso have both dropped in excess of this amount. So could you please guide how you've been able to mitigate

brazilian real and the mexican peso have both dropped in excess of this amount so could you please guide how you've been able to mitigate the


And we're the only tile producer that's doing that around the world. You have to look at what we're doing and what we've seen, and how we're executing

and we're the only tile producer that's doing that around the world you have to look at what we're doing and what we've seen and how we're executing


If you think about the overall digital market, I don't know the exact numbers, but I think last year, the overall digital advertising market

if you think about the overall digital market i don't know the exact numbers but i think last year the overall digital advertising market


You'll also see a little more portfolio of the kind of opportunities we're pursuing in

you'll also see a little more portfolio of the kind of opportunities we're pursuing in


I think if you average out all of the rate increases that we have seen this year, it remains just kind of a daily average

i think if you averaged out all of the rate increases that we have seen this year i mean just kind of on a daily average


Second, health systems appreciate the ability to contract on a flexible basis around certain components of their revenue cycle.

second health systems appreciate the ability to contract on a flexible basis around certain components of their revenue cycle


to really want to introduce the new technology in their sort of peak season of December. Now we had a couple of exceptions to that.

to really want to introduce the new technology in their sort of peak season of december now we had a couple of exceptions to that


replacing their products and expanding plants, it's also about a lot of new upstarts that you see across the range, from innovator molecules to generics.

replacing their products and expanding plants it's also about a lot of new upstarts that you see across the range from innovator molecules to generics


in digital and some other areas will be there. The cost opportunities that we think will be there are going to be there. So

in digital and some other areas will be there the cost opportunities that we think will be there are going to be there so


I always have to be careful here because so much of what we say on these calls shows up to be in the strategic plan for some of the people that think they're our competitors.

i always have to be careful here because so much of what we say on these calls shows up being the strategic plan for some of the people that think they're our competitors


We put a reasonable amount of detail on the growth of the various submarkets into the review of operations, so I urge you to read that.

we've put a reasonable amount of detail on the growth of the various submarkets into the review of operations so i urge you to read that


If we see a prolonged downturn, we'd need to revisit our assumptions, but we would also likely get more aggressive on cost actions.

if we see a prolonged downturn we'd need to revisit our assumptions but we would also likely get more aggressive on cost actions


As a result of this, we have also reduced our expectations around the recoverability of these costs from either subcontractors or customers.

as a result of this we have also reduced our expectations around the recoverability of these costs from either subcontractors or customers


This affected timing and revenue recognition to these projects, and we will see sales for this work later in the fiscal year

this affected timing and revenue recognition for these projects and we will see sales for this work later in the fiscal year


We haven't -- we obviously have not found anything yet that has met the criteria that we're looking for

we haven't -- we obviously have not found anything yet that has met the criteria that we're looking for


I don't think there've been a lot of impact -- there's been a lot of impact on us of consolidation of offerings. I think that's

i don't think there have been a lot of impact -- there's been a lot of impact on us of consolidation of offerings i think that's


The company undertakes no obligation to publicly update any forward-looking statements or supply new information regarding the circumstances after the date of this release.

the company undertakes no obligation to publicly update any forward-looking statements or supply new information regarding the circumstances after the date of this release


Today, we announced 3 binding agreements with AREVA NP. These contracts form the foundation for

today we announced 3 binding agreements with areva np these contracts form the foundation for


I think what's interesting is the tolerability of that combination is unlikely to result in long, durable treatment.

i think what's interesting is the tolerability of that combination is unlikely to result in long durable treatment


the reports that the company files or furnishes with the SEC, corporate governance information and select press releases and social media postings.

the reports that the company files or furnishes with the sec corporate governance information and select press releases and social media postings


I think it's fair to comment on the trial that it is the largest global randomized trial

i think it's fair to comment on the trial that it is the largest global randomized trial


that are truly multichannel, and we can split and allocate the costs across the group no matter what channel.

that are truly multi-channel and we can split and allocate the costs across the group no matter what channel


Expense in the bank was up as we continued our investment in strategic hires in expansion markets and specialty businesses.

expense in the bank was up as we continued our investment in strategic hires in expansion markets and specialty businesses


I think we're starting to see what Bryan talked about in terms of CRE trends emerging right now. And we've had several examples of that occurring,

i think we're starting to see what brian talked about in terms of cree trends emerging right now and we've had several examples of that occurring


The focus remains on targeting customers for growth opportunities and integrating our value-added services.

the focus remains on targeting customers for growth opportunities and integrating our value-added services


because we've seen the challenging environment for intermodal pricing and volume. And so as a result of that, we lowered our bonus projection for the year.

because we've seen the challenging environment for intermodal pricing and volume and so as a result of that we lowered our bonus projection for the year


Thus far in April, we are down slightly in intermodal volume as a result of less demand from our clients as well as a highly competitive price environment.

thus far in april we are down slightly in intermodal volume as a result of less demand from our clients as well as a highly competitive price environment


But you can bet, and you can expect, that looking at our price value relationship, will continue to be a major source of both revenue

but you can bet and you can expect that looking at our price value relationship will continue to be a major source of both revenue


We plan to further expand the product range, building new value-added services and adding lending products throughout SME marketplace.

we plan to further expand the product range building new value-added services and adding lending products through our sme marketplace


They will, of course, begin with parties who are already in discussion with us. As noted in the press release, Greenhill also

they will of course begin with parties who are already in discussion with us as noted in the press release greenhill also


We believe we are the best partner to service Anthem's complex business and are well positioned to improve the competitiveness

we believe we are the best partner to service anthem's complex business and are well positioned to improve the competitiveness


Sure, it does. I wouldn't say it comes up in the majority of the cases. It probably comes up in what I'll call is a small to medium minority of the cases,

sure it does i wouldn't say it comes up in the majority of the cases it probably comes up in a what i'll call as a small to medium minority of the cases


the output on a daily basis. We've got other projects like this in the pipeline. We'll continue to execute them as we move forward.

the output on a daily basis we've got other projects like this in the pipeline we'll continue to execute them as we move forward


Michael, I think -- this is David. We thought very carefully about how we structure the fee arrangement between the 2 companies

michael i think -- this is david we thought very carefully about how we structure the fee arrangement between the 2 companies


will be a net positive for HealthSouth. It's important to remember there are 2 goals of these alternative models.

will be a net positive for healthsouth it's important to remember there are 2 goals of these alternative models


we will need to begin investing in additional administrative resources in advance of the demonstration effective dates.


They've become much more aggressive coming back and marketing their products. Certainly, as we're getting closer to the Olympics, there's been more promotions going on.

they've become much more aggressive coming back and marketing their products certainly as we're getting closer to the olympics there's been more promotions going on


I see many parallels between the business I ran at Sigma-Aldrich and the portfolio of businesses that Platform has assembled,

i see many parallels between the business i ran at sigma-aldrich and the portfolio of businesses that platform has assembled


for diversification sake. It's all going to be done that makes sense to continue to increase value for shareholders with those actions.

for diversification sake it's all going to be done that makes sense to continue to increase value for shareholders with those actions


Let me now comment about the portfolio mix, the funding structure and how we see our net interest margin.

let me now comment about the portfolio mix the funding structure and how we see our net interest margin


the way your tactics played out in Q2? It looks like there was more focus on market share preservation rather than profitability.

the way your tactics played out in q2 it looks like there was more focus on market share preservation rather than profitability


that will replace an older one, and it's a much bigger facility, and it's just about to be done. And that's a big investment by the private operating company,

that will replace an older one and it's a much bigger facility and it's just about to be done and that's a big investment by the private operating company


if something unexpected were to happen and we were to lose a piece of business for some reason that we don't have visibility to today.


these technologies can lower existing costs, reduce the amount of water that it takes to execute ex mining, I mean, people are still mining

these technologies can lower existing costs reduce the amount of water that it takes to execute x mining i mean people are still mining


We are currently in the process of locking and evaluating the well. And we expect to be able to provide results from the well

we are currently in the process of logging and evaluating the well and we expect to be able to provide results from the well


the technology is so specific that the industry does not lend itself to meaningful consolidation?


We manage it in terms of coverage and leverage ratios, as you would expect. And we really have a global capital structure

we manage it in terms of coverage and leverage ratios as you would expect and we really have a global capital structure


Revenue was negatively impacted by a lower store count resulting from our fiscal 2018 restructuring plan

revenue was negatively impacted by a lower store count resulting from our fiscal 2018 restructuring plan


We have been applying one interpretation of the revenue recognition guidance in the accounting standards and recognizing some administrative service fee revenue up front.

we have been applying one interpretation of the revenue recognition guidance in the accounting standards in recognizing some administrative service fee revenue upfront


is primarily due to the reduction in our interest rate swap positions, which we closed out upon completing the securitization back in March.

is primarily due to the reduction in our interest rate swap positions which we closed out upon completing the securitization back in march


can you provide any specific examples of changes that you've been making? And have your expectations around trade promotion

can you provide any specific examples of changes that you've been making and have your expectations around trade promotion


specialty finance without trying to take inventory risk versus businesses that have a good franchise and sustainability,

especially finance without trying to take inventory risk versus businesses that have a good franchise and sustainability


During our call, we will be referring to the earnings release supplement slides, which are also posted on our website.

during our call we will be referring to the earnings release supplement slides which are also posted on our website


As we described in the press release, we overlapped significant titles and also saw a shift of uncharted out of the first quarter.

as we described in the press release we overlapped significant titles and also saw a shift of uncharted out of the first quarter


As I think about all that is underway at EnLink today and the progress we've achieved, I see 3 main keys to our success.

as i think about all that is underway at enlink today and the progress we've achieved i see 3 main keys to our success


Lower interest rates and reduced loan imperilment reversal also had an impact on the reported results from the level in the same period last year.

low interest rates and reduced loan impairment reversal also had an impact on the reported results from the level in the same period last year


Ladies and gentlemen, this does conclude today's teleconference. You may disconnect your line at this time. Thank you for your participation, and have a wonderful day.

ladies and gentlemen this does conclude today's teleconference you may disconnect your line at this time thank you for your participation and have a wonderful day


relationships obviously at the Michigan site that we just bought. They can work with the same study directors and

relationships obviously at the michigan site that we just bought that can work with the same study directors and


Overall, if we are successful on this transformation road map, we expect very positive changes in our financial results.

overall if we are successful on this transformation road map we expect very positive changes in our financial results


Number three, higher interest expense, because we intend to fund a portion of our equipment purchases with debt.

number three higher interest expense because we intend to fund a portion of our equipment purchases with debt


at 63 degrees west longitude to expand our services over the Americas, the Caribbean and the North Atlantic.

at 63 degrees west longitude to expand our services over the americas the caribbean and the north atlantic


we rolled the new tenant up to market and let the old tenant roll out. That obviously hit our headline retention number, but was a positive for

where we rolled the new tenant up to market and let the old tenant roll out that obviously hit our headline retention number but was a positive for


the portfolio and core FFO. So ultimately, the handful of decisions we made to let tenants roll out and then opportunistically either

the portfolio and core ffo so ultimately the handful of decisions we made to let tenants roll out and then opportunistically either


The facility primarily produced ingredients that did not align well with our strategy of producing value-added savory flavors.

the facility primarily produced ingredients that did not align well with our strategy of producing value-added savory flavors


because our product has already been used by clients in many different markets. And for this reason,

because our product has already been used by clients in many different markets and for this reason


Moving next to the segment results, starting with Advanced Materials on Slide 6, which delivered a great first half of the year.

moving next to the segment results starting with advanced materials on slide 6 which delivered a great first half of the year


The -- one of the things that we've also talked about and I think what we're seeing as a result of us having these new capabilities

the -- one of the things that we've also talked about and i think what we're seeing is a result of us having this new capabilities


and we think that the style and design that we're bringing to market is extremely relevant for active families. And lastly, maybe a little bit

and we think that the style and design that we're bringing to market is extremely relevant for active families and lastly maybe a little bit


Empire State Building of the connection with New York City and with its history and with being in the center of New York.

empire state building of the connection with new york city and with its history and with being in the center of new york


And as we've noted on March 14, we experienced a significant decline in revenue as a result of delays in engine supply from certain vendors,

and as we've noted on march 14 we experienced a significant decline in revenue as a result of delays in engine supply from certain vendors


in order to increase exposure to markets with more attractive demographics and newer properties with higher revenue and better growth prospects.


is that we hold the assets on the balance sheet, assuming that we can have proper coverage of the capital, which they are responsible for.

is that we hold the assets on the balance sheet assuming that we can have proper coverage of the capital which they are responsible for


Given the tight reserve margins we expect through at least summer 2020, we believe this backwardation will reverse at some point in the future.

given the tight reserve margins we expect through at least summer 2020 we believe this degradation will reverse at some point in the future


In the end, as we execute as expected in 2018 and 2019, we can move on a number of capital allocation fronts,

in the end as we execute as expected in 2018 and 2019 we can move on a number of capital allocation fronts


reform, share repurchases. It seems like you've got a lot of levers to be able to maybe drive something meaningfully better

tax reform share repurchases it seems like you've got a lot of levers to be able to maybe drive something meaningfully better


Furthermore, a complete disclosure of our GAAP financial results will be available in our first quarter Form 10-Q.

furthermore a complete disclosure of our gaap financial results will be available in our first quarter form 10-q


And that's for us to look at the export market, which was more favorable this year than it had been at least in the recent past.

and that's for us to look at the export market which was more favorable this year than it had been at least in the recent past


We also incurred a charge for the write-down of unamortized financing charges related to the early extinguishment of our term loan

we also incurred a charge for the write-down of unamortized financing charges related to the early extinguishment of our term loan


I don't think there any particular reasons to take steps. The price will fluctuate in the third quarter, too,

i don't think there are any particular reasons to take steps the price will fluctuate in the third quarter too


so that means that we are carefully monitoring the development to evaluate potential need for further price increases.


and therefore, the restructuring that is being undertaken just simply isn't sufficient. Because a year ago, we were talking about trending to cash flow break

and therefore the restructuring that is being undertaken just simply isn't sufficient because a year ago we were talking about trending to cash flow breakeven


we started doing that in part because we couldn't find product in markets or submarkets where we wanted to build out our franchise,


And just in terms of investment activity over there, what's going on in terms of development or anything on the acquisition side?

and just in terms of investment activity over there what's going on in terms of development or anything on the acquisition side


Corporate and Other is not treated as a segment, but includes certain general and administrative costs that are not allocated to either of the reporting segments.

corporate and other is not treated as a segment but includes certain general and administrative costs that are not allocated to either of the reporting segments


because after all, this is a chronic disease with relapsing and remitting and we wanted to know whether we could not just induce the remission

because after all this is a chronic disease with relapsing and remitting and we wanted to know whether we could not just induce a remission


Since we don't know the concentration of ligand in the local environment but we know that in some local environments, it can be actually huge,

since we don't know the concentration of ligand in a local environment but we know that in some local environments it can be actually huge


We are completing the ADVOCATE trial and preparing to share top line data in the fourth quarter of this coming year.

we are completing the advocate trial and preparing to share top line data in the fourth quarter of this coming year


and supporting new innovation and service offerings, investing in our digital services platform and enhancing our network infrastructure.

and supporting new innovation and service offerings investing in our digital services platform and enhancing our network infrastructure


those lines go up and down. But we really like that business. We think it's a very safe and strong asset class, and we have some

those lines go up and down but we really like that business we think it's a very safe and strong asset class and we have some


fully abstracted and stateful, open and standards-based that allow our customers to move at DevOps speed

fully abstracted and stateful open and standards-based that allow our customers to move at devops speed


this enlarged facility provides the company with a more streamlined ability to borrow to support our investing and operational activities.


the real story is our results for the 9 months, which indicates that we have now reached a consistent level of sales and profitability.

but the real story is our results for the 9 months which indicates that we have now reached a consistent level of sales and profitability


we believe our strategic investments and the improvements in our operations position us for future growth in a rapidly evolving market.


up from 50% last quarter and giving us increased flexibility in pricing and winning significant strategic partner opportunities.


the executive staff and talk about their mobile strategy and talk about the challenges they face


but we have indicated there that we have reduced the strike on these swap rates


and are just getting outstanding responses from consumers for this particular product. They're looking at the product that they bought before,

and are just getting outstanding responses from consumers for this particular product they're looking at the product that they bought before


was less than what was the other parties that we had used to originally record our revenue.


But we also see improvements in technology, which can also serve to reduce some cost. So

but we also see improvements in technology which can also serve to reduce some costs so


and reiterate what we believe to be our core attributes and competitive strengths. Butterfield is a full-service bank and trust company,

and reiterate what we believe to be our core attributes and competitive strengths butterfield is a full-service bank and trust company


Such forward-looking statements are subject to both known and unknown risks and uncertainties that could cause actual results to differ materially from such statements.

such forward-looking statements are subject to both known and unknown risks and uncertainties that could cause actual results to differ materially from such statements


We were glad that so many of you could join us by webcast. And what a special moment it was to be joined on stage by Oprah Winfrey.

we were glad that so many of you could join us via webcast and what a special moment it was to be joined onstage by oprah winfrey


in this guidance as I saw already here on some comments that put some guidance -- to some drama into this, but we don't really see it. It's more

in this guidance as i saw already here on some comments that put in some guidance to some domain to this but we don't really see it it's more


We will be more than happy to answer. Thank you very much.

we will be more than happy to answer thank you very much


being very accomplishable. I would say that's kind of the plan, ex large transactions, that may allow you to kind of

being very accomplishable i would say that's kind of the plan x large transactions that may allow you to kind of


the confidence that, over the next years, we could appreciate the same kind of growth we have appreciated

the confidence that over the next years we could appreciate the same kind of growth we have appreciated


Management has made all kinds of efforts to reduce the risk profile and increase the profitability of the book.

management has made all kinds of efforts to reduce the risk profile and increase the profitability of the book


construction both a bit more expensive and has to take a little bit longer. The other thing that we're seeing in our pipeline is we have

construction both a bit more expensive and has it take a little bit longer but the other thing that we're seeing in our pipeline is we have


which allows us to provide a better customer experience while improving productivity and risk management.


So that could mean that they might have some idea that the government -- Chinese government may take some action.

so that could mean that they might have some idea that the government chinese government may take some action


This allows us to prepay our term loan at a faster rate than we would otherwise be able to,

this allows us to prepay our term loans at a faster rate than we would otherwise be able to


Many of our clients rated us very, very highly and are essentially promoters of our service. So

many of our clients rated us very very highly and are essentially promoters of our service so


And so we're just looking for the particular client that understands what we're trying to do for them. And so the minimum is not really an issue.

and so we're just looking for the particular client that understands what we're trying to do for them and so the minimum is not really an issue


We've had some Stryker issues as we work through some of the supply challenges. But on the positive front, those do appear to be moderating for us.

we've had some strike issues as we work through some of the supply challenges but on the positive front those do appear to be moderating for us


We have identified numerous utilization management and provider contracting opportunities in Puerto Rico that give us a great deal of confidence in the future.

we have identified numerous utilization management and provider contracting opportunities in puerto rico that give us a great deal of confidence in the future


This is slightly higher than guidance as we accrued for a larger projected annual bonus compensation expense driven by better-than-expected operating income.

this was slightly higher than guidance as we accrued for a larger projected annual bonus compensation expense driven by better-than-expected operating income


So I would start off. I think, certainly, we do have a pretty smart and really nice plan when it comes to promotion.

so i would start off i think certainly we do have a pretty smart and really nice plan when it comes to promotion


So those are clearly a couple of areas where we believe we already have expertise, that we have things already in our pipeline

so those are clearly a couple of areas where we believe we already have expertise that we have things already in our pipeline


but we have other activities in process here to build off of that platform. It's just not a standalone product

but we have other activities in process here to build off of that platform it's just not a standalone product


yielded threefold improvement in 1 year and doubling of median survival, compared to outcomes with lower levels of circulating antibody.

yielded threefold improvement in 1 year and doubling of median survival compared to outcomes with lower levels of circulating antibody


And we have prioritized a little bit more to the delivery of the modules instead of the delivery of the prototype.

and we have prioritized a little bit more to the delivery of the modules instead of the delivery of the prototype


forecast timing, we do not want to forecast what will be the outcome of that decision. This is more safety measure

forecast timing we do not want to forecast what will be the outcome of that decision this is more safety measure


Another customer that has kept our plant very busy over the past few months is KESHI with their electric mining vehicle application.

another customer that has kept our plant very busy over the past few months is keshe with their electric mining vehicle application


The expectation is that we will start to transition the portfolio late in the fourth quarter and be complete early in the second quarter.

the expectation is that we will start to transition the portfolio late in the fourth quarter and be complete early in the second quarter


has been when we bought First Federal a number of years ago, they were obviously a thrift, and so there was a lot of 1 to 4 on the balance sheet.

has been when we bought first federal a number of years ago they were obviously a thrift and so there was a lot of 1 to 4 on the balance sheet


Our estimated range for full year organic revenue growth of 0% to 2% reflects good growth in many of our brands,

our estimated range for full year organic revenue growth of 0% to 2% reflects good growth in many of our brands


I'd like to start by updating you on the latest developments of the strategic plan that we first introduced on the Q3 earnings call.

i'd like to start by updating you on the latest developments of the strategic plan that we first introduced on the q3 earnings call


as the positive impact provided by acquisitions in colder weather was only partially offset by net customer attrition and other factors.

as the positive impact provided by acquisitions and colder weather was only partially offset by net customer attrition and other factors


This will require discipline and increased cooperation between the Fiscal Oversight Board and the local government.

this will require discipline and increased cooperation between the fiscal oversight board and the local government


And even more positive perspective is to look at our fundamental operating performance without the effects of acquisitions made in the last year.

and even more positive perspective is to look at our fundamental operating performance without the effects of acquisitions made in the last year


So we think that this is something that fits us very well and also something that we can do well with going forward.

so we think that this is something that fits us very well and also something that we can do well with going forward


And you've got a certain group of clients that are trying to sustain that optionality in the market by awarding the work.

and you've got a certain group of clients that are trying to sustain that optionality in the market by awarding the work


So that's really the only pressure on us. We continue to operate strongly in spite of the unbilled receivables.

so that's really the only pressure on us we continue to operate strongly in spite of the unbilled receivables


and we are working on further initiatives in those areas to enhance our offer and support retailers with their forward and reverse logistics


And to illustrate the masterplan approach in action, I'd just like to take a few moments to give you an overview of our established plan at Hemel Hempstead and

and to illustrate the master plan approach in action i'd just like to take a few moments to give you an overview of our established plan at hemel hempstead


if you look at the overall company, the margins are improving. Yes, it's a result of new properties being added to the company.

if you look at the overall company the margins are improving yes it's a result of new properties being added to the company


Our strategy has got to be like we like to -- enjoy sitting next to them on a store. We actually want to sit next to them online.

our strategy has got to be like we like to enjoy sitting next to them on a stall we actually want to sit next to them online


We have marked some significant milestones since our last call. In addition to renewing the .net registry agreement with ICANN for another 6 years,

we have marked some significant milestones since our last call in addition to renewing the net registry agreement with icann for another 6 years


And I will say that from what we've seen over the last quarter in terms of what's happening in the broker channel of

and i will say that from what we've seen over the last quarter in terms of what's happening in the broker channel of


It crosses the spectrum from acute to chronic. The way that inappetence works is, we like to think of it as a dog can be

it crosses the spectrum from acute to chronic the way that an appetite works is we like to think of it as a dog can be


And then I think to that, you added on, what is our appetite or capacity for other transactions and what are we looking for.

and then i think to that you added on what is our appetite or capacity for other transactions and what are we looking for


The improved sequential earnings were driven by higher yield on the investment portfolio as we benefited from continued portfolio rotation initiatives

the improved sequential earnings were driven by higher yield on the investment portfolio as we benefited from continued portfolio rotation initiatives


But our goal is to be able to provide good returns in any rate environment and hopefully in any economic environment as well.

but our goal is to be able to provide good returns in any rate environment and hopefully any economic environment as well


we can -- you've seen the list, and I think you can size yourself what you think the market opportunity might be. But again, caution you that

we can -- you've seen the list and i think you can size yourself what you think the market opportunity might be but again to caution you that


within the capital budget is different. Then the other thing that -- in our capital budget, and Bill alluded to this earlier, we are testing

within the capital budget is different then the other thing that -- in our capital budget and bill alluded to this earlier we are testing


and continue to stay flexible and to learn and to continue to focus on cost reduction.


and beating consensus. Do you guys have any sense or have you heard anything as to what people are concerned about with respect to the share price?

and beating consensus do you guys have any sense or have you heard anything as to what people are concerned about with respect to the share price


Interest rates remain low, and despite strong home price growth in recent years, home prices remain relatively affordable.

interest rates remain low and despite strong home price growth in recent years home prices remain relatively affordable


or in all, is delivered through an IT system or digital platform. So there's no success for us without success in the world of technology.

or and or is delivered through an it system a digital platform so there's no success for us without success in the world of technology


in terms of what they'll be analyzing? And then if you could also maybe just update us on cash burn? It seems like things kind of came in pretty much in line with what

in terms of what they'll be analyzing and then if you could also maybe just update us on cash burn it seems like things kind of came in pretty much in line with what we


anything increasing in terms of costs. And so, yes, I think that you should assume that it should be in the

anything increasing in terms of cost and so yes i think that we should assume that it should be in the


just a couple of weeks ago, I was with the CEO of one of the largest insurance companies in the world, and we're having a conversation about changing their business model and transformation

just a couple of weeks ago i was with the ceo of one of the largest insurance companies in the world and we're having a conversation about changing their business model and transformation


We will further evaluate the allocation of these incremental funds and our available capital as we move forward and provide additional guidance in the future.

we will further evaluate the allocation of these incremental funds and our available capital as we move forward and provide additional guidance in the future


As the Department of Justice continues to receive these additional resources, most expect case volumes will return to normal levels.

as the department of justice continues to receive these additional resources most expect case volumes will return to normal levels


that we know is going to generate a very nice return to get the ball started for us in our Chinese partners than it is just to

that we know is going to generate a very nice return to get the ball started for us and our chinese partners than it is just to


That opportunity has passed as we have earned enough infrastructure-related business to make delivery on any new pellet plant order not possible

that opportunity has passed as we have earned enough infrastructure-related business to make delivery on any new pellet plant order not possible


While certain contingencies remain, as of this time, we do not believe there are any further material costs associated with the exit of these operations.

while certain contingencies remain as of this time we do not believe there are any further material costs associated with the exit of these operations


Thank you, operator. The second quarter presented some encouraging signs for Powell by way of increased bookings. As we enter into the second half of this year,

thank you operator the second quarter presented some encouraging signs for paul by way of increased bookings as we enter into the second half of this year


Yes, we didn't, but it's not -- as we said earlier, the first use of cash will always be to pay down debt.

yes we didn't but it's not -- as we said earlier the first use of cash will always be to pay down debt


Additional information concerning factors that could cause actual results to differ materially from those discussed during today's conference call or in this morning's press release,

additional information concerning factors that could cause actual results to differ materially from those discussed during today's conference call or in this morning's press release


I think that's primarily related to construction cycles maybe gapping out a little bit in the second half of last year. So

i think that's primarily related to construction cycles maybe gapping out a little bit in the second half of last year so


The company undertakes no obligation to update or make any forward-looking statements, whether as a result of new information, future events or otherwise.

the company undertakes no obligation to update or make any forward-looking statements whether as a result of new information future events or otherwise


The market has also been subject to a consolidation. We have seen a number of our

the market has also been subject to a consolidation we have seen a number of our


at the moment at the second time to enter into a segment which was not part


to target additional lines of business and achieve growth and to diversify our business over time.


triple that capability by further build-out of San Antonio. That becomes not very cost prohibitive

triple that capability by further build out of san antonio that becomes not very cost prohibitive


it's not beyond me to ask the team to continue to repeat an unfair performance, but I think it would be probably unlikely that they would continue to have

it's not beyond me to ask the team to continue to repeat unfair performance but i think it would be probably unlikely that they would continue to have


The positive news is that there has been industry capacity coming out of the liquid tank space, and we are well positioned to take advantage of stronger future demand.

the positive news is that there has been industry capacity coming out of the liquid tank space and we are well positioned to take advantage of stronger future demand


History suggests the turkey industry will balance supply and demand and market conditions will improve in the coming months.

history suggests the turkey industry will balance supply and demand and market conditions will improve in the coming months


a heavy social media presence, an active voice and a focus on local events, in additional local markets.

a heavy social media presence an active voice and a focus on local events in additional local markets


which include but are not limited to statements with respect to the estimation of mineral reserves and resources,


This slide shows only our defaulted loan book and excludes performing loans classified as such post-default.

this slide shows only our defaulted loan book and excludes performing loans classified as such post default


But look, at the end of the day, I suppose over the years, whether it's our current competitors or all those that have come and gone

but look at the end of the day i suppose over the years whether it's our current competitors or all those that have come and gone or


we also see a trend where we have a lot of these smaller games that we're able to bring to market and really bring some new people into.


So what's been filed is the stipulation for the entry of an order with a proposed order attached, but the court has not yet entered the order officially.

so what's been filed is the stipulation for the entry of an order with a proposed order attached but the court has not yet entered the order officially


And then in the way you termed it at the beginning of the call, you said that we're choosing no longer to pursue Yingde at this time.

and then in the way you termed it at the beginning of the call you said that we're choosing no longer to pursue yingde at this time


The consistency of the performance we are delivering and the momentum we have in all 4 measures of our progress

the consistency of the performance we are delivering and the momentum we have in all 4 measures of our progress


We are paying severance under our restructuring, and with our negative working capital cycle, we do have to fund as we exit countries and shrink goods.

we are paying severance under our restructuring and with our negative working capital cycle we do have to fund as we exit countries and shrink goods


how sustainable is your ability to continually drive productivity in that regard looking forward?


So we are early in that process. And we've already started to see the cost take outs. So you can take the combination of the rail increases

so we're early in that process and we've already started to see the cost takeouts so you take the combination of the rail increases


competitor. And not just them though, but there is some other asset base players, which are being more aggressive in the market. So I would say that

competitor and not just them though but there is some other asset-based players which are being more aggressive in the market so i would say that


volume target for any particular country. It's about where can we sell that meat for the highest possible value, and that's where we try to take it.

volume target for any particular country it's about where can we sell that meat for the highest possible value and that's where we try to take it


and fixed assets. And that would be, for us, a really good indicator and a really good opportunity to prove those out for you and for ourselves. So

and fixed assets and that will be for us a really good indicator and a really good opportunity to prove those out for you and for ourselves so


It's important to remember that our capital adequacy requirements are measured on the basis of Russian accounting standards

it's important to remember that our capital adequacy requirements are measured on the basis of russian accounting standards


I was wondering if you can provide more color on where you saw increased competition and help us somehow quantify the impact due to that.

i was wondering if you can provide more color on where you saw increased competition and help us somehow quantify the impact due to that


we don't have a paucity of agents to develop. We'd like to have a partnering deal. So we have the resources to proceed

we don't have a paucity of agents to develop we'd like to have a partnering deal so we have the resources to proceed


that we could not issue any more stock and stay within our stated comfort range for our debt metrics.


it seems that Wall Street is having trouble understanding that just because you've got hospital attached and therefore a high per diem,

it seems that wall street is having trouble understanding that just because you got hospital attached and therefore a high per diem


cost structure in terms of developing these types of projects, in terms of cost inflation, in terms of how we can think about the potential cost of the project?

cost structure in terms of developing these types of projects in terms of cost inflation in terms of how we can think about the potential cost of the project


but I'm sure that all our customers are continuing to kind of work through their budgets and look at their plans and opportunities. And the IOCs have,

but i'm sure that all our customers are continuing to kind of work through their budgets and look at their plans and opportunities and the iocs have


Our groundbreaking work with individuals with serious mental illness in Florida continues to generate interest from other states.

our groundbreaking work with individuals with serious mental illness in florida continues to generate interest from other states


This decrease is mainly due to the impact of contract terminations and net unfavorable year-over-year medical claims development.

this decrease is mainly due to the impact of contract terminations and net unfavorable year-over-year medical claims development


and we believe the organization weathered the challenges well. We feel constructive about the performance of both our businesses,

and we believe the organization weathered the challenges well we feel constructive about the performance of both our businesses


including recent innovation within Orpak automation offering, led to a number of large tender wins during the quarter.

including recent innovation within orpac's automation offering led to a number of large tender wins during the quarter


the value proposition, the longevity, durability, reliability of the products that they may be investing in,

the value proposition the longevity durability reliability of the products that they may be investing in


Norway was plus 7,000. Again, we had better uptime and well performance, but also some increased gas offtake in the summer.

norway was plus 7 again we had better uptime and well performance but also some increased gas off-take in the summer


It's important to note that we are not saying this is the 24-hour IP for this well, as peak production has not yet been established.

it's important to note that we are not saying this is the 24-hour ip for this well as peak production has not yet been established


is -- we were one of the first companies to actually look at the climate change resilience of our

our businesses we were one of the first companies to actually look at the climate change resilience of our


Finally, I did want to brief you on the fact that we are working on a new -- on a number of new additional molecules

finally i did want to brief you on the fact that we are working on a new -- on a number of new additional molecules


Longer term, there's probably 2 key areas that we're going to have outsize emphasis, one I just talked about in terms of

longer term there's probably 2 key areas that we're going to have outsized emphasis one i just talked about in terms of


There are certain things that take time. I don't see any major inhibiting factor.

there are certain things that take time i don't see any major inhibiting factor


How much we improve in fiscal 2018 will depend on the collective efforts of our internal operations, coupled with our supply chain.

how much we improve in fiscal 2018 will depend on the collective efforts of our internal operations coupled with our supply chain


on the cost curve that you would then look to implement in CRB take the form more in terms of trying to find lower-cost

on the cost curve that you would then look to implement in crb take the form more in terms of trying to find lower cost


We continue to be a best-in-class asset manager, built to handle both the opportunities and adversities that inevitably arise from time to time.

we continue to be a best-in-class asset manager built to handle both the opportunities and diversities that inevitably arise from time to time


Throughout the year, we used the strong demand for private assets to largely complete the rotation of the acquired American Capital portfolio,

throughout the year we used the strong demand for private assets to largely complete the rotation of the acquired american capital portfolio


we weren't getting commensurate leverage on that. The model was losing productivity and effectiveness for a lot of the reasons I mentioned, changes that happened

we weren't getting commensurate leverage on that the model was losing productivity and effectiveness for a lot of the reasons i mentioned changes that happened


Well, we compete market by market, and we're going to be competitive in every market we're in, as David said, looking to provide the value on the ground

will we compete market by market and we're going to be competitive in every market we're in as david said looking to provide the value on the ground


What assurance can you give that savings will be sustainable? And what is your new pretax margin target? And before answering,

what assurance can you give that savings will be sustainable and what is your new pretax margin target and before answering


And I think you saw in my prepared remarks, I gave you a sense of what we expect to do in terms of expenses for the year

and i think you saw in my prepared remarks i gave you a sense of what we expect to do in terms of expenses for the year


about risk costs and what you feel the trends are going to be in the second quarter in terms of


We are making good progress in delivering the plan we announced on the 1st of March, and the diversification benefit to the group is showing through.

we're making good progress in delivering the plan we announced on the 1st of march and the diversification benefit for the group is showing through


and uncertainties, some of which cannot be predicted or quantified. The company's actual results and timing of certain events could

and uncertainties some of which cannot be predicted or quantified the company's actual results and timing of certain events could


Gray turned in another quarter as we continue to build a larger, more diversified pure-play

gray turned in another quarter as we continue to build a larger more diversified pure-play


And what's fun is that we're doing it off of pretty low rents, so we're able to do it and make money in the process. So

and what's fun is that we're doing it off of pretty low rents so we're able to do it and make money in the process so


to meet the needs of your tenants. And if you look at the market share that we're capturing at the new store openings, I think it shows you

to meet the needs of your tenants and if you look at the market share that we're capturing at the new store openings i think it shows you


The second question, why during the first quarter we have had a drop above in hydro production

the second question why during the first quarter we have had a drop above in hydro production


every 6 to 8 weeks for all of our existing and future customers. Our phones themselves basically do what the platform tells it to do,

every 6 to 8 weeks for all of our existing and future customers our phones themselves basically do what the platform tells it to do


the new phone introduction cycle? Isn't that something that sort of happens on an annual basis or could you just speak to that a little bit?

the new phone introduction cycle i mean is that something that sort of happens on an annual basis or could you just speak to that a little bit


Great question. From what we see right now, we think the price pressure is upon us based on those capacities. I don't think we see any

great question from what we see right now we think the price pressure is upon us based on those capacities i don't think we see any


It was set 2 weeks ahead of schedule. Once complete, the MEG project will be the largest ethylene glycol plant in the world.

it was set 2 weeks ahead of schedule once complete the meg project will be the largest ethylene glycol plant in the world


Now turning to our key enablers. The execution within our next 2 pillars is critical to the achievement of our aspirations.

now turning to our key enablers the execution within our next 2 pillars is critical to the achievement of our aspirations


So all in all, a fairly simple quarter to explain when it comes to the finances.

so all in all a fairly simple quarter to explain when it comes to the financials


as well as the sale of certain interests we had obtained in connection with the Detroit bankruptcy. These efforts are ongoing.

as well as the sale of certain interests we had obtained in connection with the detroit bankruptcy these efforts are ongoing


and the increased costs associated with implementing the recommendations of the agreement. I would expect the efficiency ratio to stay generally in this range.

and the increased costs associated with implementing the recommendations of the agreement i would expect the efficiency ratio to stay generally in this range


a quick run through the highlights, which are shown on this slide, and Christine will unpack them more in her presentation.

so a quick run through the highlights which are shown on this slide and christine will unpack them more in her presentation


some of its August 2018 and summer 2019 length in the spring when the forward curve ran up and was higher than our fundamental point of view.

some of it's august 2018 and summer 2019 linked in the spring when the forward curve ran up and was higher than our fundamental point of view


with the European affiliates taking place first. We think the revenue opportunity there is very good.

with the european affiliates taking place first we think the revenue opportunity there is very good


Our targeted initiatives to develop a stronger footprint internationally are especially focused in the coin business in Asia.

our targeted initiatives to develop a stronger footprint internationally is especially focused in the coin business in asia


The answer is because it fits perfectly within our strategic plan. Last week, we announced we had entered into an asset purchase agreement

the answer is because it fits perfectly within our strategic plan last week we announced we had entered into an asset purchase agreement


Here with me today are Ron Havner and John Reyes. Before we begin, I want to remind those on the call that all statements other than statements

here with me today are ron havner and john reyes before we begin i want to remind those on the call that all statements other than statements


My interpretation is what they announced leads me to believe that there might've been a bad actor that made a bad transaction to the bad guys,

my interpretation is what they announced leads me to believe that there might have been a bad actor that made a bad transaction to the bad guys


either orders, or 3 customers that you have that have given you production-type orders. Would you clarify what you mean by that?

either orders or 3 customers that you have that have given you production type orders would you clarify what you mean by that


So it's been a busy 15 months, I think it's fair to say. In my time here, we've been preparing for increased domestic competition

so it's been a busy 15 months i think it's fair to say in my time here we've been preparing for increased domestic competition


We're actively pursuing opportunities to grow our warehouse lending business for new warehouse lines and request for existing customers to upsize their current lines.

we're actively pursuing opportunities to grow our warehouse lending business for new warehouse lines and requests for existing customers to upsize their current lines


This also has the added benefit to lead to decreased workers' compensation expense and insurance based on incidents.

this also has the added benefit to lead to decreased workers' compensation expense and insurance based on incidents


the chain stores that have a nationwide presence, when those type of merchants increase the amount of

the chain stores that have a nationwide presence when those types of merchants increase the amount of


that is why it was quite dramatic. But in terms of the second campaign, we want

that is why it was quite dramatic but in terms of the second campaign we want


customer we lost on its international business, which is a big revenue hit, but not on margin, and that's

customer we lost on its international business which is a big revenue hit but not on margin and that's


And therefore, I think this sense of urgency to address that element, considering the impact and considering the size of the company,

and therefore i think this sense of urgency to address that element considering the impact and considering the size of the company


Now moving on to ETE. I'll begin with ETE's fourth quarter results, followed by a liquidity and financing update.

now moving on to ete i'll begin with ete's fourth quarter results followed by a liquidity and financing update


Living a normal life was not a consideration and many patients have referred to this time as the dark years.

living a normal life was not a consideration and many patients have referred to this time as the dark years


it's going to be a transition year. And so I think until we see how some of these things play out with

it's going to be a transition year and so i think until we see how some of these things play out with


with the West Coast terminals' audited financial statements that we filed in relation to the acquisition in February of this year.

with the west coast terminals audited financial statements that we filed in relation to the acquisition in february of this year


EV. So like Ray said, the backlog is very strong in these areas. We've had a lot of success in all the regions

so like ray said the backlog is very strong in these areas we've had a lot of success in all the regions


is, as I said earlier, a building of capability for the long term and an improvement in ambition.

is as i said earlier a building of capability for the long term and an improvement in ambition


and so I am being very thoughtful and diligent here. Interest is very high for this position,

and so i am being very thoughtful and diligent here interest is very high for this position


Can you -- I'm not sure we understand the question. Do you mind just saying it one more time? With regard to retentions specifically, I'm not sure what you're referring to.

can you -- i'm not sure we understand the question do you mind just saying it one more time with regard to retention specifically i'm not sure what you're referring to


As I understood from the previous call, the third quarter was going to be quite a step up from the second quarter, but we didn't quite see that.

as i understood from the previous call the third quarter was going to be quite a step up from the second quarter but we didn't quite see that


We continue to have strong engagement by clients across all segments of the media sector, many of whom participate in our ongoing client advisory boards.

we continue to have strong engagement by clients across all segments of the media sector many of whom participate in our ongoing client advisory boards


to unlock the value, to unleash the value of big datasets across our Total Audience Measurement framework, both the digital datasets and

to unlock the value to unleash the value of big data sets across our total audience measurement framework both the digital data sets


This had the impact of both improving client service through better turnaround time and reducing our overall costs.

this had the impact of both improving client service through better turnaround time and reducing our overall costs


This safe harbor language applies to the presentation and all comments to be made today. I would also like to mention that

this safe harbor language applies to the presentation and all comments to be made today i would also like to mention that the


in March 2015 with an agreement with a regional marketer to export our crude by a truck to international markets.

in march 2015 with an agreement with a regional marketer to export our crude by truck to international markets


or we end up being the lead sponsor on the projects. We made a strong commitment to ourselves that we're not going to take

or we end up being the lead sponsor on the projects we've made a strong commitment to ourselves that we're not going to take


private funds business. And if you think about the evolution of the private equity and leveraged finance markets that we largely participate in,

private funds business and if you think about the evolution of the private equity and leverage finance markets that we largely participate in


for us, i.e., we have to have a view that we can add value to the business, in the way that we did in some of our prior acquisitions by

for us i e we have to have a view that we can add value to the business in the way that we did in some of our prior acquisitions by


The impact of this event, in terms of timing cannot be quantified at this time, but we will provide further updates as they become known.

the impact of this event in terms of timing cannot be quantified at this time but we will provide further updates as they become known


Our backlog is healthy to start the second quarter, and order activity in industrial products continues to provide a sense of optimism.

our backlog is healthy to start the second quarter and order activity in industrial products continues to provide a sense of optimism


the old factors that created the old situations are no longer with us.


Currently, lung transplantation is the only option for patients who are not responsive to current medical therapy.

currently lung transplantation is the only option for patients who are not responsive to current medical therapy


We continue to move forward, and there are several topics to cover related to our asset management business and holding company initiatives.

we continue to move forward and there are several topics to cover related to our asset management business and holding company initiatives


is in line with what is typical for the market. So the kind of profit margin on the proceeds

is in line with what is typical for the market so the kind of profit margin on the proceeds


what are your assumptions around competition in guidance for '17 on both the liquid and powder? And then I have a quick follow-up.

what are your assumptions around competition and guidance for '17 on both the liquid and powder and then i have a quick follow-up


Europe and international is probably a year or 2 behind in terms of the overall adoption of

europe and the international scene is probably a year or 2 behind in terms of the overall adoption of


that are a key part of our success with Galafold and also laid the foundation for our future growth. And I think it also reflects the essence

that are a key part of our success with galafold and also lay the foundation for our future growth and i think it also reflects the essence


AT-GAA to have a pretty profound effect on their function and we saw that, also in the motor function of course in the 6-minute walk increasing in both groups. So

to have a pretty profound effect on their function and we saw that also in the motor function of course in the 6-minute walk increasing in both groups so


Mobile continues to be the main source of traffic to the site, and our investment in web development continues to reflect this.

mobile continues to be the main source of traffic to the site and our investment in web development continues to reflect this


The models proved to be a big hit with accumulated orders totaling 27,000 units in the first month following the launch.

the models proved to be a big hit with accumulated orders totaling 27 000 units in the first month following the launch


I commented that our intention was to capitalize on the momentum created by our operating and financial results.

i commented that our intention was to capitalize on the momentum created by our operating and financial results


tremendous balance across all of the device types versus really just being more foundry-focused. Then what I would say going forward

tremendous balance across all of the device types versus really just being more foundry focused then what i would say going forward


Yes. I think it probably is a point of emphasis that has grown over the last 5 years.

yes i think it probably is a point of emphasis that has grown over the last 5 years


While this is a time for our team to have some pride in signs of positive progress, we still see significant opportunity in each of our businesses.

while this is a time for our team to have some pride in signs of positive progress we still see significant opportunity in each of our businesses


or 0.5 of 1 percentage point of sales. As we continue to build out our sales force to accelerate growth in the markets,

or 1 half of 1 percentage point of sales as we continue to build out our sales force to accelerate growth in the markets


Our new facilities will initially manufacture disposable products then progress to chemical suits and on to more complex product lines.

our new facilities will initially manufacture disposable products then progress to chemical suits and onto more complex product lines


But until that happens, we sought an alternative means to fund our growth capital needs without needing to issue shares in the common equity market

but until that happens we sought an alternative means to fund our growth capital needs without needing to issue shares in the common equity market


British Columbia, the Midwest and New York and also due to the timing of when new projects will begin to burn revenue of any significance.

british columbia the midwest and new york and also due to the timing of when new projects will begin to burn revenue of any significance


This collaboration to extend our GalXC RNAi technologies to tissues beyond the liver will be a joint research effort

this collaboration to extend our galaxy rna i technologies to tissues beyond the liver will be a joint research effort


We remain confident in our future cash flow generation and the ability to both sustain and grow our dividend over time.

we remain confident in our future cash flow generation and the ability to both sustain and grow our dividend over time


Although a negative for current profits, we regard the spending as an investment in Morinaga's future.

although a negative for current profits we regard this spending as an investment in morinaga's future


basically now in front of the bankruptcy? Clearly, are you going to be -- would you take precedence over bankruptcy payments

basically now in front of the bankruptcy queue are you going to be -- would you take precedence over bankruptcy payments


As I've interacted with our clients, I continue to believe we have more opportunity to partner with our clients across the many services we offer.

as i've interacted with our clients i continue to believe that we have more opportunity to partner with our clients across the many services we offer


This increase was due to a number of factors, including favorable product mix and strength in overall product margins.

this increase was due to a number of factors including favorable product mix and strength in overall product margins


Actual results may differ materially from expected results and reported results should not be considered as an indication of future performance.

actual results may differ materially from expected results and reported results should not be considered as an indication of future performance


although we saw a couple of things in late in the quarter that -- but this is not material type stuff right now in terms of


In the assisted business, we outpaced the industry in the first half on the strength of our promotions and improved execution.

in the assisted business we outpaced the industry in the first half on the strength of our promotions and improved execution


world-class investment company that's well placed to deal with the disruptive forces reshaping the industry.


Our regulatory capital ratios on Slide 11 are above the regulatory definition of well capitalized and our internal targets.

our regulatory capital ratios on slide 11 are above the regulatory definition of well capitalized and our internal targets


Although earnings were negative for the quarter, we continue to see positive economic growth in our regions and to experience growth in the number of customers served.

although earnings were negative for the quarter we continue to see positive economic growth in our region and to experience growth in the number of customers served


And then our Swan Valley plant that we converted in 2015, it did not run at full capacity

and then our swan valley plant that we converted in 2015 did not run at full capacity


and our growing roster of referenceable accounts will allow us to continue to penetrate this largely greenfield segment.


Before I turn the call over to management for remarks, I would like to remind you that we may make some forward-looking statements during the course of this call.

before i turn the call over to management for remarks i would like to remind you that we may make some forward-looking statements during the course of this call


Our Colorado resorts continue to deliver outstanding results with growth in visitation and revenue above our record prior year.

our colorado resorts continue to deliver outstanding results with growth in visitation and revenue above our record prior year


was impacted by both sales mix, given the strong comp in grocery, and our promotion and pricing initiatives.

was impacted by both sales mix given the strong comp in grocery and our promotion and pricing initiatives


good expected developments, but we cannot expect that every year you will get exactly same. And that's why,

good expected developments but we cannot expect that every year you will get exactly the same and that's why


meaning these borrowers could lower their mortgage rate a half of a percentage point or more by refinancing.


We will evaluate opportunities to put this capital to work, to improve profitability and generate strong returns for our shareholders.

we will evaluate opportunities to put this capital to work to improve profitability and generate strong returns for our shareholders


system of record, of course, which is kind of where Salesforce started. I would say that we probably have the strongest system of record experience

system of record of course which is kind of where sales were started i would say that we probably have the strongest system of record experience